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Rate of Turn Indicator Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

Published On : 11:55 PM, 19th April, 2018 REP-ID-540 Category: Defence, Marine & Aerospace

Rate of Turn Indicator Market Overview

Rate of turn indicator is referred to a device which is used to measure the rate a ship is turning. It measures the rate of turn in degrees per minute. The rate of turn device works on the principle of gyroscope. Turn of indicator device points a straight direction when the ship is steering in straight course and the pointer display to zero. 

Market Size and Forecast

The global rate of turn indicator market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. The market of rate of turn of indicator is growing on the back of numerous factors such as expansion of marine industry and government regulation for the adoption of rate of turn device by all ships of 50,000 gross tonnages and upwards.

Rate of turn indicator market

The global market of rate of turn indicator is segmented into product type, scale and region. Further, product type is segmented into analog and digital rate of turn indicator. In addition to this, analog rate of turn indicator accounted the largest market in 2016. This growth of analog rate of indicator is attributed to the mandatory policies taken by government for the usage of compulsion of turn of indicator.

In terms of geography, Asia-Pacific region is anticipated to be the biggest market of rate of indicator by the end of 2024. Moreover, the factors propelling the growth of rate of turn indicator market in Asia-Pacific region includes growing government investment to improve the marine industry and positive GDP figures of the emerging economies such as China and India. Furthermore, Japan and China are the major contributors in the market of rate of turn indicator in Asia-Pacific region due to growing ship building industry.

Europe region captured the second largest market of rate of turn indicator in terms of revenue in 2016. Likely, the major countries contributing in the market of rate of turn indicator in Europe region includes Germany, Greece, Italy, The Netherlands and others. Moreover, rapid urbanization coupled with rising waterborne activities due to growing sea trading is envisioned to foster the growth of Europe region.

North America region projected to grow at a significant pace over the forecast period aided by U.S. Moreover, presence of major key vendor of rate of turn indicator in North America region is believed to foster the growth of rate of turn indicator market.      

Market Segmentation

Our in-depth analysis segmented the global rate of turn indicator market in the following segments:

By Product Type

  • Analog rate of turn indicator
  • Digital rate of turn indicator

Rate of Turn Indicator Market Share

By Scale

  • 30 deg/min
  • 120 deg/min
  • 300 deg/min

By Region

Global rate of turn indicator market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, Turkey, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (GCC, Israel, North Africa, South Africa, Rest of Middle East) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers and Challenges

The factors augmenting the demand for rate of turn indicator globally include rising need to check the turn of the ship, strict norms taken by government regarding installation of rate of indicator and robust expansion of marine industry. Further, increasing ocean trade activities coupled with growing demand for imported goods is supplementing the growth of rate of turn indicator market by the end of 2024.

Furthermore, rapid urbanization along with strict regulation taken by government regarding marine industry devices for better navigation, proper steering position indicator and others are projected to bolster the growth of rate of turn indicator market across the globe. Moreover, technological advancement in rate of turn indicator devices is predicted to propel the growth of rate of turn indicator market.

However, decline in the manufacturing of ships in Europe region is predicted to hamper the growth of rate of indicator market across the globe over the forecast period i.e. 2017-2024.

Key players

The major key players for rate of turn indicator are as follows

  • Raytheon Anschütz
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Tototheo Group of Companies
  • Navico
  • FURUNO ELECTRIC CO.,LTD
  • Kelly Manufacturing CO.
  • Sperry Marine ( Northrop Gurmman )
  • AMI Marine U.K.
  • Fugro

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global rate of turn indicator market is segmented as follows:

  • By Product Type Market Size & Y-O-Y Growth Analysis
  • By Scale Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

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